The Hindu Business Line : IFFCO-Tokio, Janakalyan Bank pact

MUMBAI: General insurance company IFFCO - Tokio (ITGI) has entered into a bancassurance alliance with the Mumbai-based urban co-operative, Janakalyan Sahakari Bank.

ITGI, a joint venture between the Indian Farmers Fertiliser Co-operative (IFFCO) and the Japan-based Tokio Marine and Nichido Fire, will have a referral arrangement with the bank.

According to a press release, Mr N.K. Kedia, Executive Director, IFFCO-Tokio, General Insurance Co, said, "This referral arrangement will synergise the company's technical expertise in offering quality non-life insurance products with the established and wide-spread network."

IFFCO-Tokio reported a premium income of Rs 501 crore in the financial year 2004-05, up 53.7 per cent from the previous year.

As per IRDA figures, the company has a market share of 2.88 per cent.

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